“But in order to stave off this costly economic own goal, Parliament now needs to act swiftly to make today’s rejection of no-deal a reality by voting to extend Article 50 and give breathing room for a solution to be found.”

Dr Adam Marshall, director-general of the British Chamber of Commerce (BCC), warned that a “messy and disorderly exit” from the EU is still a “clear and present danger”.

He added: “The reality is that without action, businesses still face an uncontrolled exit that they neither want nor are ready for.

“Extending Article 50 is now a necessity but it’s no silver bullet for businesses, many of whom fear endless uncertainty.